Kazakhstan’s national atomic company Kazatomprom is seeking to increase its stake in joint uranium mining ventures as existing contracts come up for renewal.
A representative from Kazatomprom presented proposed amendments to Kazakhstan’s Subsoil and Subsoil Use Code to members of parliament this week. The changes would require the state-owned company to obtain at least a 90% share when extending contracts for uranium mining projects.
“Currently our stake in various projects ranges from 50% and higher. However, many contracts were signed in the late 1990s and early 2000s under fixed terms. We believe it is necessary to revise these parameters,” the Kazatomprom official stated.
If approved, the amendments could impact agreements with Kazatomprom’s major foreign partners, including companies from China, Canada, France and Japan.
The company argues the changes will allow Kazakhstan to maximize benefits from its uranium resources as global demand for nuclear fuel grows. However, some analysts caution it may deter future foreign investment in the country’s mining sector.
Kazatomprom is the world’s largest uranium producer, accounting for around 24% of global primary uranium production. The company operates 26 deposits grouped into 14 uranium mining assets, with foreign partners holding stakes in many key projects.
The proposed legislation will now be debated in parliament before potentially being signed into law. Kazatomprom says it is open to negotiations with existing partners to ensure a smooth transition if the changes are enacted.
